Adani Energy Solutions (ADANIENSOL) Q3 25/26 earnings summary

Executive summary

• Achieved strong quarterly performance with adjusted PAT growth of 30% YoY, excluding a one-time impact from last year, and board approval of unaudited results for Q3 and 9MFY26.

• Commissioned major transmission projects, including Khavda Phase II Part-A and NKTL, and are on track to commission more, with smart metering installations reaching 92 lakh and targeting over 1 crore by year-end.

• C&I business load doubled to 1,300 MW, district cooling progressing with India's largest facility, and Smart Meter segment now reported separately.

• Statutory auditors conducted a limited review with no material misstatements; financial implications of new Indian labour codes recognized.

• Capex for 9MFY26 surged 1.24x YoY to ₹9,294 crore, reflecting significant investments, especially in smart metering.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹6,729.65 crore, up 15% YoY; nine-month revenue was ₹20,144.76 crore, up from ₹17,392.51 crore YoY.

• Q3FY26 EBITDA reached a record ₹2,210 crore, up 21% YoY, with strong growth in transmission and smart metering.

• Adjusted PAT for Q3FY26 increased 30% YoY to ₹574 crore; nine-month PAT rose 34% YoY to ₹1,670 crore.

• Operational availability exceeded 99.7%, resulting in incentive income; T&D losses reduced to 4.03% and collection efficiency above 100%.

• Exceptional loss of ₹1,506.02 crore in the previous year due to divestment of Dahanu Thermal Power Plant.

Outlook and guidance

• Expect to commission seven projects in the next financial year, adding INR 24,000–25,000 crore to gross block.

• Smart meter installations are on track to surpass 1 crore by FY26, with a current order book of 2.46 crore meters and revenue potential of ₹29,519 crore.

• Anticipate INR 80,000 crore of transmission bidding opportunities in the next 12–15 months, with strong market share retention.

• CapEx guidance for FY26 revised to INR 14,500–15,000 crore, mainly due to project spillovers.

• Regulatory asset charge recoveries and new labour codes expected to impact future quarters.